https://www.taxtmi.com/caselaws?id=302609 Statutory provisions conferring priority on secured creditors override the State's revenue claim and first charge over secured assets. In the inter se conflict between a secured creditor and the State, Section 26 of the Himachal Pradesh Value Added Tax Act, 2005 must yield to Section 26E of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and Section 31B of the Recovery of Debts and Bankruptcy Act, 1993. The legal effect is that secured creditors have priority in relation to the secured assets, and the State cannot assert a prior charge against those assets contrary to the later special provisions. en-us Fri, 23 Jul 2021 00:00:00 +0530 Mon, 14 Nov 2022 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302609 Statutory provisions conferring priority on secured creditors override the State's revenue claim and first charge over secured assets. In the inter se conflict between a secured creditor and the State, Section 26 of the Himachal Pradesh Value Added Tax Act, 2005 must yield to Section 26E of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and Section 31B of the Recovery of Debts and Bankruptcy Act, 1993. The legal effect is that secured creditors have priority in relation to the secured assets, and the State cannot assert a prior charge against those assets contrary to the later special provisions. Case-Laws VAT and Sales Tax Fri, 23 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302609